Absci Announces Financial and Operating Results for Second Quarter 2021 | Your money
VANCOUVER, Wash., Sept. 7, 2021 (GLOBE NEWSWIRE) – Absci Corporation (Nasdaq: ABSI), the drug and target discovery company that leverages deep learning and synthetic biology to expand the therapeutic potential of proteins, has financial and operational today Results released for the quarter ended June 30, 2021.
“This has been a meaningful year for Absci,” said Sean McClain, Founder and CEO. “We began 2021 with the acquisition of Denovium, which formalized our identity as an AI-powered synthetic biology company with a focus on biopharmaceutical protein design and manufacturing technology. In addition, we have expanded our business considerably since January, more than doubled our team of “unlimited” people, signed partnership agreements, advanced programs with current partners, improved our technology platform, built and moved into a new campus and acquired Totient. “
“In this way we have shared our progress and visions with investors and with their support we have completed two financing rounds since January, including our IPO in July. I couldn’t be more proud of what we’ve achieved or more excited about what’s ahead as we pursue our vision of changing the world one protein at a time. “
Second quarter 2021 and current highlights
Completed initial public offering with net proceeds of approximately US $ 210 million. Announced acquisition of Totient, expansion of Integrated Drug Creation ™ platform to include antibody and target discovery technology joined by Nikhil Goel as Chief Business Officer and Sarah Korman, PhD, JD, as General Counsel. Expanded and relocated to a new, state-of-the-art 77,000 square foot campus in Vancouver, Washington with PhaseBio [Nasdaq: PHAS] Advance a successful ongoing active program to develop a bespoke cell line to enable high productivity commercial production of a PhaseBio clinical candidate. The agreement entitles Absci to contingent milestone payments and royalties if PhaseBio exercises its option on an exclusive license for the manufacturing cell line developed by Absci. Signs a global technology development and licensing agreement with Alpha Cancer Technologies Inc. The agreement extends the existing technology development partnership and entitles Absci to contingent milestone payments and royalties on net sales of products containing recombinant human alpha-fetoprotein made using the producing cell line developed by Absci will be produced.
Second quarter 2021 financial results
Revenue for the three months ended June 30, 2021 was $ 0.7 million compared to $ 0.6 million for the three months ended June 30, 2020
Research and development costs were $ 11.0 million for the second quarter of 2021, compared to $ 2.3 million for the same period last year. This increase was mainly driven by additional investments in platform expansion, including data initiatives and AI capabilities.
Selling, general, and administrative expenses were $ 5.2 million for the second quarter of 2021, compared to $ 0.9 million for the same period last year. This increase was due to staff-related costs and professional services, including approximately $ 0.9 million in transactional expenses related to the Totient acquisition.
The net loss was $ 41.2 million for the second quarter of 2021, compared to $ 3.0 million for the same period last year, which included a $ 28.1 million non-cash charge related to the revaluation of convertible bonds and preferred stock warrants.
Cash and cash equivalents as of June 30, 2021 were $ 99.5 million. After the end of the quarter, on July 26, 2021, Absci completed its IPO and posted net proceeds of approximately $ 210 million after deducting subscription discounts and commissions and estimated offering costs.
About absci
Absci is the drug and target discovery company using deep learning and synthetic biology to expand the therapeutic potential of proteins. We developed our Integrated Drug Creation ™ platform to identify novel drug targets, discover optimal biotherapeutic candidates, and generate the cell lines for their production in a single efficient process. Biotech and pharmaceutical innovators are working with us to create the next generation of protein-based drugs, including those that other technologies may not be able to make. Our goal is to enable the development of better drugs through Translating Ideas into Drugs ™. More information is available at www.absci.com.
Forward-Looking Statements
Certain statements in this press release that are not historical facts are deemed forward-looking within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements that contain the Words “is”, “pursued”, “anticipated”, “planet”, “believes”, “forecast”, “estimates”, “expected” and “intends” or similar expressions. We intend that these forward-looking statements, including statements regarding operating plans, development and partnership efforts, and our ability to receive milestone payments and royalties, be covered by the safe harbor provisions for forward-looking statements in Section 27A of the Securities Act and Section 21E of the Securities Exchange Act, and we are making this statement for the purpose of complying with this Safe Harbor. These forward-looking statements reflect our current views about our plans, intentions, expectations, strategies and prospects based on the information currently available to us and on assumptions we have made. We cannot guarantee that the plans, intentions, expectations or strategies will be achieved or achieved, and furthermore, actual results could differ materially from those described in the forward-looking statements and are influenced by a variety of risks and factors outside of ours We have control, including, but not limited to, risks and uncertainties regarding our partners’ ability to develop and commercialize product candidates generated using our platform and our ability to secure milestone payments and royalties; along with the risks outlined in our quarterly report on Form 10-Q of the 7th Securities and Exchange Commission. Unless required by law, we assume no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or for any other reason.
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Absci Corporation Abridged Consolidated Income Statement (unaudited)
Abridged Consolidated Balance Sheets of Absci Corporation (unaudited)